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Staci Kramer at PaidContent lays out the story of how Viacom apparently seriously considered buying Friendster, but backed away when it dug into Friendster’s business.

Says Staci: “I have been told by multiple sources that later Viacom was offered the chance to acquire Friendster for $5 million — less than the $11 million to $15 million we estimated last year so far had been invested in the company. The word Viacom got was that Friendster’s VCs no longer wanted to fund the company.”